Binance hacked. How can this affect altcoin market?

[strunberg]

They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

Look like cryptocurrency market don't affected at all and market is stable right now, BTC price is continues rising. I think main reason is binance announcement that SAFU fund for recovering the loss of $40 million for users, most important is binance is top cryptocurrency exchange and investors have confidence in it.

i think investors and trader already insusceptible at all for exchanges hacking .they didn't panic anymore with bad condition in market.the thing that make  market continue rising was binance's ceo statement that said all customer fund are safe.

[EdvinZ]

Hacked the largest cryptocurrency exchange. I think that the necessary security measures will be improved and the platform management will make the right decision. Indeed, such a large negative news did not affect the course of Bitcoin. It seems that investors understand that this situation has happened earlier on other platforms, and that these are the risks that they take when they invest their money.

[Juggy777]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

@ivan1975 there’s no effect on the alt coin market post the hack news as Binance user funds are already secured in SAFU, so all users shall recover their funds in coming days. The only downfall is that deposits and withdrawals have been suspended on binance, leaving users with no access to their funds. It’ll be interesting to see how Binance proceeds from here, and how it’ll try and win back it’s users trust.

[Cryptrx]

It has no direct correlation to the price of altcoins, rather, how people treat the news will either affect altcoins positively or negatively. It has proven that people are triggered to massive sell off in the dawn of such news and that affects the market.

[neonshium]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

What it can affect is the particularly its competitor exchange that is also live in the market, in which, there is a possibility that their traders will going to use the other platforms right now, figuring out that Binance do also have its flaws in the market. In which people feel unsecured right now. Knowing that, they didn't really have their private keys and still trading.

I am afraid if it is really happened with Binance, as much as I know about these exchanges Binance holds the first priority of users. But we also know that hackers are everywhere and not only Binance but all the other exchanges should really work on it much more than the previous. It is something loss of believe of users and when it happens then it will affect both the users and the exchange itself because no one will take interest registering on these exchanges.

[CLywaTeLb]

What about this: https://twitter.com/ProofofResearch
Looks like Binance is playing some game? Do they want to accumulate a few coins on an artificial dump?

[BlueStackz]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

It is really a very sad news and I was devastated after I saw this, now these  FUD carriers that has long been awaiting Binance downfall will have the audacity to open their mouth now and say something terrible, I honestly don’t know how Binance could give chance to such disappointing event.

I just hope that people will not respond negatively to this news, most especially those that has trusted them so much to the extent of saving their investment on their wallet. Well, I believe that they have got it under control and people should not panic and rush into removing all their coins or changing it back to Fiat.

[prtty2gal2]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

7000 BTC is not really much for them,  so I believe they can pay back investors the money that was stolen. Binance is a big exchange so they can do that. But I’m really surprised that they will let their exchange get hacked,  does that mean that they haven’t been keeping up with securities to prevent hackers or was the hacker more smart ? This is why I believe that Coinbase is the heat when it comes to security They are always working on keeping their exchange secured unlike most other exchanges that are being weak in that aspect.

[GodHatesFigs]

As a result, the market almost did not respond. Unless the internal token of the bnb exchange fell. But the fall is so small that it is not even visible on the chart.

[ned.ryerson]

It has no direct correlation to the price of altcoins, rather, how people treat the news will either affect altcoins positively or negatively. It has proven that people are triggered to massive sell off in the dawn of such news and that affects the market.

for what reason people have to massively sell their BTC? Binance said that they would cover all losses from their funds and users would not get any hurt. i don't think that something bad will happens with price because of this hack attack

[Petchant]

I think the industry is growing beyond all these hacks of a thing. People are seeing it as normal thing now, so it doesn't have much effect in the market like the way it surely be before. For Binance to be hacked, it means no exchange is safe and secure.

[LogitechMouse]

Not that much because they already announced that they will cover the funds that have lost. Maybe the price of BNB dumped a bit but don't you know that this is a good time to buy BNB .

If you see the market, it didn't go down that much and in fact Bitcoin reached the 6000 price just today or yesterday so we can say that this news doesn't affect the market that much.

[Xardasim]

Honestly, I do not think this event affects the market. Otherwise, the price of BTC reached $6100. On the other hand, we saw that people did not easily abandon binance. If there was another exchange, everywhere was shaked, but it was like we supported binance.

[jyotianand01]

Binance is a good exchange and lot of crypto investors trust this exchange and they will pay back to their clients and it don't make much effect on altcoin market.

[coin-investor]

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

They should, they are the number one exchange in the industry, and second, they do not want to cause confusion to traders and the whole community that their token is not safe in their exchange, I'm glad that they address it this fast, but we still need to worry about the continuous hacking incident.

[Callanta787]

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

[GregH37]

And we though this exchange is stronger than ever, it only means nothing is safe when its online. But the amount is just too few though, 7000 BTC might affect a slight dive but there seem not much.  Though the BNB is being dumped, it would be a good chance to BNB for guaranteed profit.

Anything over the internet is not very much safe except one personally put extra security measures in place. You may think the money is small, it is not small to the Binance, because they will have to compensate the owner/owners of the stolen fund, imagine such amount of money leaving Binance pocket, how much did they even raise for their ICO that they will lose such big amount of money.

I really feel for Binance, because I never expected this to happen to them, they must have been a very high target for a very long time and I am also sure that it might be an inside thing. They need to do their investigations internally first.

[andika2018]

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

You should no thinking like that. If binance got hacked, what we should worry is the security on exchangers. Binance must be always improve the security and i think if binance could breached, this should impact to others exchangers or crypto security.

[weidex]

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

You should no thinking like that. If binance got hacked, what we should worry is the security on exchangers. Binance must be always improve the security and i think if binance could breached, this should impact to others exchangers or crypto security.

Here comes the role of decentralized exchanges 

[serjent05]

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

You should no thinking like that. If binance got hacked, what we should worry is the security on exchangers. Binance must be always improve the security and i think if binance could breached, this should impact to others exchangers or crypto security.

Here comes the role of decentralized exchanges  

Sounds like you are assuming that the hack is some sort of propaganda?  It was just recently that Binance launched their decentralized exchange and in a timely manner, the hack happened on their centralized exchange.  I smell something fishy abouth this lol.  Anyway, that's just me. enough for this conspiracy theory lol.  

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

And it looks like that the news have no effect in Bitcoin market.  I don't see any fall of Bitcoin price after Binance announced that they were hacked.  It seems the bull is really here now.